Which of the following is (are) not acceptable for displaying the components of other comprehensive income?...
Which of the following is (are) not acceptable for displaying the components of other comprehensive income?
Two statement approach only. |
| One statement approach only. |
| Combined statement of retained earnings. |
| Both one statement approach and two statement approach. |
Homework Answers
- The correct one is third option i.e., Combined statement of retained earnings.
- Comprehensive income is the summary of the net assets of a company over a period of time. It usually includes unrealized gains and losses.
- In both one statement approach and two statement approach, there have a seperate display of other comprehensive income.
- Combined statement of retained earnings doesn't show any components of other comprehensive income.
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Which of the following is (are) not acceptable for displaying
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5. Explain the difference between comprehensive income and other comprehensive income. (1/2 pt) 6. What is the relationship between accumulated other comprehensive income (AOCT) and other comprehensive income? Hint: calculate the difference between beginning and ending AOCI. (1/2 pt) 7. In what way is AOCI similar retained earnings, besides the fact that they are both equity accounts? (1/2 pt)
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